Average August for Ottawa Real Estate

Members of the Ottawa Real Estate Board sold 1,203 residential properties in
August through the Board’s Multiple Listing Service® system, compared with 1,216
in August 2013, a decrease of 1.1 per cent. The five-year average for August is
1,199.

“As usual, we are seeing a typical end-of-summer slowdown,
especially in comparison to July’s record sales,” says Randy Oickle, President
of the Ottawa Real Estate Board. “Although sales numbers are down slightly since
last year, August’s sales are slightly higher than the five-year average, and
continue to be on par with year-to-date sales compared to last
year.”

August’s sales included 219 in the condominium property class, and
984 in the residential property class. The condominium property class includes
any property, regardless of style (i.e. detached, semi-detached, apartment,
stacked etc.), which is registered as a condominium, as well as properties which
are co-operatives, life leases and timeshares. The residential property class
includes all other residential properties.

“Units sold in the residential
property class alone, excluding condos, are up four per cent year-over-year. And
average sale price has increased for both the residential and condo class,” says
Oickle. “If you are planning on buying or selling a home, we encourage you to
consult one of our member REALTORS® to get in depth advice on prices in your
neighbourhood.”

The average sale price of residential properties,
including condominiums, sold in August in the Ottawa area was $360,214, an
increase of 3.4 per cent over August 2013. The average sale price for a
condominium-class property was $263,996, an increase of 2.7 per cent over August
2013. The average sale price of a residential-class property was $381,628, an
increase of 1.9 per cent over August 2013. The Board cautions that average sale
price information can be useful in establishing trends over time but should not
be used as an indicator that specific properties have increased or decreased in
value. The average sale price is calculated based on the total dollar volume of
all properties sold.

“The $300,000 to $399,999 price range continues to
have the highest concentration of properties sold, followed by the $500,000 to
$749,999 range – the later range up by 27.4 per cent from last year,” explains
Oickle. “This increase may possibly be the contributing factor in the average
house price increases this month.”